Do you have an engagement ring you want to get rid of? Maybe you and your partner decided to go your separate ways, or you upgraded for a ring you love even more. If you don't want your ring anymore, you might as well make money from it. But it can be hard to know where to sell your ring. How do you know which jeweler to trust or how much it is worth?
To ease the process and answer all your questions, we reached out to Mara Opperman, co-founder of I Do Now I Don't, an online marketplace for luxury products including engagement rings. She talked us through questions like is it worth it to sell your ring, how much can you really get, how long the process takes, and more. She also provided a guide to how to sell your ring and pro tips. Read on to learn more.
Meet the Expert
Mara Opperman is the co-founder of I Do Now I Don't, an online marketplace to buy and sell luxury products including engagement rings
Should You Sell Your Engagement Ring?
An engagement ring is not just another piece of jewelry. It is filled with emotion and memories. That means the answer to this question is highly personal, says Opperman. "It all depends on the reason for wanting to sell your engagement ring. Is it because you are in financial trouble? Is it because you are divorced and want to move on with your life? The bottom line is that selling your engagement ring is a personal choice and only you will know if it is worth it."
Her biggest advice is to think long and hard about this decision. Never sell your engagement ring in a hurry or just because you need money (there are other, less emotional ways to take care of that!) "Take time to think about it because selling your ring before you're emotionally ready may leave you with regrets," she adds.
How Much Can You Get for Your Engagement Ring?
It depends on the ring. There are so many factors that go into an engagement ring's value, from the carat to the setting to how old it is. Still, there are general trends, offers Opperman. "It does depend on the ring. However, most of the time we see people getting back anywhere between 40 to 75 percent of the ring's original value."
How Long Does It Take to Sell an Engagement Ring?
The answer to this question depends on where you go to sell your engagement ring, admits Opperman. "If you go directly to a jeweler or jewelry store, you may be able to sell your ring on the spot," she says. This may be a good option for people who just want to get rid of it in a hurry. But there is a downside, she reveals: "Keep in mind that the price you get back on your ring will be much lower than selling elsewhere."
If you decide to sell on an online marketplace such as I Do Now I Don't, it can take a few weeks or even months to sell your ring. On Ms. Opperman's site, for example, it typically takes two to four weeks to successfully sell an engagement ring. Still, there are ways to shorten that time. "Obviously, if priced well, it may be even a shorter period of time," she shares. Of course, if you aren't in a hurry, you might as well price the ring as you want and wait patiently for someone to buy it.
Ways to Sell an Engagement Ring
As discussed above, there are a few different ways to sell an engagement ring. If you want to do it quickly and in person, you can walk into a pawn shop or a local jewelry shop. They will appraise it and offer a price on the spot. Opperman explains the downfall to this approach is that these types of stores don't pay as much as other means. "My advice would be not to go to a pawn shop or a local jewelry store as you will not receive value close to what you paid for. The only advantage of going to a pawnbroker or someone in the jewelry industry is that your ring may sell quickly."
The other option, she says, is to sell directly to the consumer who wants to buy it. "If you want to receive the highest attainable value for your engagement ring, the best way is to sell your ring to another consumer," she admits. "Generally, another consumer will pay the most for your diamonds than anyone in the industry as they are looking for a good deal and may not have access to wholesale prices."
You can sell direct to consumers on platforms like eBay or I Do Now I Don't. "Remember to do your research and be careful of online auction sites that are only selling to members of the trade," advises Opperman. "Again, on these sites, you will not receive any value close to what you desire."
Tips for Selling Your Engagement Ring
Research Your Ring
"Before you rush to sell your ring, make sure to find out the quality of the diamond and its 4Cs, color, clarity, carat weight, and cut," says Opperman. "This could be done by a local jeweler or an appraiser."
The more you know about your ring, the more you can bargain with pawn shops or jewelers. Understand the value of your ring, and don't let anyone offer less.
Do Comparative Research
"Check online for similar or comparable engagement rings and see what they are selling for," says Opperman. That price won't be your end price, but it will give you an idea of how much your original ring was. "Mark that price down because your ring is not considered 'new,'" she says. Again, most used rings sell for 40 to 75 percent of their original value.
Make Sure You Are Ready
Finally, remember that your engagement is different from another piece of jewelry or any other item of value. It is steeped in emotion; it symbolizes commitment and love and hope for the future. Do not rush to sell your ring. Make sure you are ready to part with it, and that you won't feel regret once it is gone.